Audit | Rajput Jain & Associates

Audit

𝐓𝐚𝐱 𝐀𝐮𝐝𝐢𝐭 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐟𝐨𝐫 𝐅𝐮𝐭𝐮𝐫𝐞𝐬 & 𝐨𝐩𝐭𝐢𝐨𝐧𝐬 𝐓𝐫𝐚𝐝𝐞𝐫𝐬

Taxation of F&O trading as non-speculative business: F&O trading is treated as non-speculative business income u/s 43(5) and is taxable at normal income tax slab rates, with expenses such as securities transaction tax, brokerage, and exchange charges allowed as deductions. Futures & options traders are generally required to maintain books of account u/s 44AA if …

Audit

Common Errors in SAs & Reporting in NFRA inspection reports

Common Errors in Standards on Auditing and Audit Reporting: Lessons from Quality Reviews and Regulatory Inspections The quality of an audit is judged not merely by the procedures performed but by the auditor’s ability to demonstrate, through proper documentation, that the audit was planned and executed in accordance with the Standards on Auditing. Recent observations …

Audit

ICAI Announcement: Draft Bank Branch Auditors’ Panel 2025–26

ICAI PDC Announcement: Draft Bank Branch Auditors’ Panel (MEF) 2025–26 The Professional Development Committee of the Institute of Chartered Accountants of India has officially released the Draft Bank Branch Auditors’ Panel for the year 2025–26, as per an announcement dated 23 January 2026. Where It Is Hosted: The draft panel has been hosted on the …

Audit

All about the Peer Review (PR) Process

All about the Peer Review (PR) Process Preliminary Preparation : Download the complete UDIN list of all attest/signing assignments done during the last three financial years (01.04.2022 to 31.03.2025). Fill the UDIN details carefully in the Annexure format of Form 1. Complete Form 1 thoroughly : Parts A, B, and C, as applicable. Select top …

Audit

Widening the Scope of AQMM (v2.0) Key Announcement

Widening the Scope of AQMM (v2.0) Key Announcement Earlier, AQMM was mandatory only for audit firms auditing Listed entities; Banks (other than co-operative banks, except multi-state co-operative banks); Insurance companies (Firms conducting only branch audits were excluded.). Expanded Mandatory Applicability (Phased Manner): S. No. Category of Firms Date of Applicability (Peer Review conducted on or …

Audit

Auditor Responsibility/Form 3CD Report Compliance u/s 43B(h)

Auditor’s Responsibility / Form 3CD Reporting & Compliance Requirements u/s 43B(h) Tax Auditors (u/s 44AB) or Statutory Auditors (Companies Act) have increased responsibilities due to this provision. Tax auditor must Verification & Documentation along with Identify MSME Suppliers Obtain a list of suppliers with Udyam Registration Certificates. Auditor Verify whether they qualify as Micro or …

Audit

ICAI: Reporting of TDS Payable under Clause 26 of TAR

Clarification on Reporting of TDS Payable under Clause 26 of the Tax Audit Report As per the Revised Guidance Note on Tax Audit (October 2025 edition) issued by the ICAI, it has now been clarified that TDS Payable is not required to be reported under Clause 26 of Form 3CD of the Tax Audit Report. …

Audit

When Does a Tax Audit Become Mandatory?

When Does a Tax Audit Become Mandatory? Not every taxpayer needs a tax audit. But once your turnover or income crosses certain limits, it becomes compulsory under the Income Tax Act. A tax audit ensures accuracy, transparency, and compliance. Maintain your books properly, stay digital to enjoy higher limits, and file your audit reports on …

Audit

Overview of the Internal Audit Iceberg Concept

Overview of the Internal Audit Iceberg Concept Apache Iceberg introduces a powerful feature called Integrated Audits, which allows organizations to validate data before publishing it to production, ensuring high data quality and trustworthiness. Internal Audit Iceberg includes a high-performance table format for large-scale analytics. Supports multiple engines like Spark, Trino, Flink, Presto, Hive. & Enables …

Audit

F&Q related to Peer Review Audit of Practice Unit (PU)

F&Q related to Peer Review Audit of Practice Unit (PU) Q.: Does empanelment guarantee peer review work? Ans. No. Assignments are based on matching experience with PU’s nature of work. Q.: Can a Reviewer decline an assignment? Ans. Yes, due to conflict of interest, health, or pre-occupation, but must inform the Board. Q.: Can a …